Common use of Premature Repayment Clause in Contracts

Premature Repayment. (i) Any prepayment of the Loan shall be subject to payment of prepayment premium at the rate of 2 % (two percent) per annum of the pre-paid principal amount. Provided that no prepayment premium shall be payable by the Borrower, if the prepayment is at instance of the Lender or if the Borrower opts to prepay the entire outstanding of the Loan and other monies within 90 (ninety) days from the date of advise of the increase in the Spread on interest rest dates and after serving due notice upon the Lender. (ii) Any notice of prepayment under this Agreement shall be given to the Lender or to and shall be irrevocable. (iii) No amount prepaid under this Agreement may subsequently be re-borrowed under the Loan. (iv) All prepayments under this Agreement shall be made together with accrued interest on the amount prepaid and any other amounts payable under this Agreement.